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Income Tax : Transporters can avoid TDS deduction by submitting a declaration confirming ownership of not more than ten goods vehicles. The key...
Income Tax : Highlights that selecting the incorrect portal tab can lead to data mismatches and filing errors. Emphasizes the need to use the c...
Income Tax : Explains how commission-driven incentives in banks lead to mis-selling of financial products. Highlights the need for structural r...
Income Tax : ITAT held that additions based solely on third-party search material without independent evidence or cross-examination are invalid...
Income Tax : A new digital framework is suggested to replace manual Form 121 processes and streamline TDS exemption declarations. The proposal ...
Income Tax : The tax department clarified that no search or restriction was carried out against the individual. It termed the allegations basel...
Income Tax : The issue concerns massive backlog in ITAT caused by unfilled positions and delayed appointments. The intervention highlights that...
Income Tax : The audit found widespread incorrect claims of deductions for bad debts and reserves. It highlights the need for stricter verifica...
Income Tax : This webinar breaks down the major structural and conceptual changes introduced in the new Income Tax Act, 2025. It helps professi...
Income Tax : A representation seeks doubling the SMC threshold due to inflation and higher dispute values. The key takeaway is that increasing ...
Income Tax : The Supreme Court declined to condone delay, thereby upholding the High Court’s conclusion that the liaison office did not const...
Income Tax : The judgment confirms that income from offshore equipment supply is not taxable where transactions occur outside India. The liaiso...
Income Tax : The Tribunal held that lack of awareness of the assessment order and limited knowledge of tax law constituted sufficient cause for...
Income Tax : The Tribunal confirmed addition of unexplained investments where the assessee could not substantiate the source of deposits. The r...
Income Tax : The Tribunal held that wage arrears arising from pay revision constitute an accrued liability from the effective date. The provisi...
Income Tax : A corrigendum fixes multiple drafting and referencing mistakes in income tax rules. The update ensures clarity without altering su...
Income Tax : The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance...
Income Tax : CBDT clarified the presentation of error categories in Form U. The update ensures clearer reporting of incorrect income heads and ...
Income Tax : The corrigendum corrects technical errors in multiple ITR schedules, including CG and CYLA. It ensures accurate reporting and smoo...
Income Tax : CBDT corrected multiple clerical and structural errors across income tax return schedules. The changes ensure accurate reporting a...
The Tribunal held that mere acceptance of demonetized currency during the demonetization period cannot justify addition under Section 68 when identity, genuineness, and source are established. Revenue’s appeal was dismissed.
Rule 111 of the Draft Income-tax Rules, 2026 permits rollback of Advance Pricing Agreements to earlier years subject to strict conditions, but disallows it where appellate orders exist or income is reduced.
Rule 110 of the Draft Income-tax Rules, 2026 clarifies that Advance Pricing Agreements are binding only if critical assumptions and conditions remain unchanged, and may be revised or cancelled upon material change.
Draft Rule 109 of the Income-tax Rules, 2026 lays down a detailed, time-bound procedure for processing Advance Pricing Agreement applications, including consultation, enquiry, agreement finalisation, and conditions for closure without refund.
Draft Rule 108 of the Income-tax Rules, 2026 establishes a structured deficiency review process for Advance Pricing Agreement applications, allowing correction of defects and providing for refund of fees if the application is rejected.
Draft Rules 103 to 107 of the Income-tax Rules, 2026 define key expressions, eligibility, consultation, application, and withdrawal procedures for Advance Pricing Agreements to provide structured and transparent APA implementation.
Draft Rules 101 and 102 of the Income-tax Rules, 2026 prescribe the procedure for opting safe harbour in income attribution cases and clarify that taxpayers cannot invoke Mutual Agreement Procedure once the option is validly exercised.
Rule 100 mandates minimum profit margins of 4% and 2% for specified businesses to qualify for safe harbour, while restricting deductions and loss set-offs to ensure certainty and simplified taxation.
Rule 99 defines eligible assessees, businesses, goods, and gross receipts for safe harbour in income attribution cases, covering foreign diamond miners and electronics manufacturing through custom bonded warehouses.
Rule 98 introduces a structured filing, verification, and appeal mechanism with strict timelines, ensuring deemed acceptance of safe harbour for specified domestic transactions if authorities fail to act within prescribed periods.
